DETROIT: Ally Financial Inc. completed the renewal of $12.5 billion in credit facilities at both the parent company and at Ally Bank with a syndicate of 18 lenders.
The secured facilities represent a hike of $1 billion from the prior lines and can be used to fund consumer and commercial automotive assets. The $12.5 billion funding capacity is comprised of two facilities, both maturing in March 2017, an $8 billion facility, which is available to the parent company and a second $4.5 billion facility available to Ally Bank.
Ally Corporate Treasurer Bradley Brown said, “A diversified funding strategy remains a key objective to effectively support the needs of Ally’s auto finance business. These facilities were renewed with improved economic and structural terms that accommodate the continued evolution and growth of our auto finance business.”
